Lucid Group (NASDAQ:LCID) Trading Up 2.9% – Still a Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares were up 2.9% on Thursday . The company traded as high as $2.42 and last traded at $2.33. Approximately 53,854,987 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 83,877,336 shares. The stock had previously closed at $2.26.

Analyst Ratings Changes

Several equities analysts have recently commented on LCID shares. Benchmark started coverage on Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 price objective on the stock. Stifel Nicolaus cut their price objective on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Wednesday. Royal Bank of Canada dropped their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Finally, Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $3.50 to $1.13 in a research note on Monday. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Lucid Group presently has an average rating of “Hold” and a consensus price target of $2.73.

Lucid Group Stock Performance

The firm has a market cap of $6.72 billion, a P/E ratio of -1.66 and a beta of 0.93. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The business has a fifty day simple moving average of $2.98 and a 200-day simple moving average of $2.97.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently added to or reduced their stakes in the stock. Public Investment Fund grew its position in Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. increased its holdings in Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP raised its position in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock worth $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC raised its position in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after buying an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in shares of Lucid Group during the 4th quarter valued at about $34,123,000. 75.17% of the stock is owned by institutional investors.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.